Following its commitment to the National Innovation Strategy which aims to create an environment conducive to innovation; the Ministry of Finance (MoF) recently signed an agreement with Emirates Development Bank (EDB) on Sheikh Mohammed bin Rashid Al Maktoum Fund to Finance Innovation, in its premises in Dubai. The agreement aims to activate the Fund’s role in supporting the UAE’s transition to a knowledge- based economy, and achieving prosperity and sustainability for the country.
The signing ceremony was attended by HE Obaid Humaid Al Tayer, Minister of State for Financial Affairs, and the agreement was signed by HE Saeed Rashid Al Yateem, Assistant Undersecretary of Resources and Budget Sector at MoF and HE Rashid Mahboob Misbah, Acting Chief Executive Officer of Emirates Development Bank; in the presence of HE Younis Haji Al Khoori, Undersecretary of MoF and a number of MoF officials.
The agreement stipulates the framework to promote and strengthen cooperation between MoF and EDB with regards to activating the “Mohammed bin Rashid Innovation Fund”. Both parties will form a joint team responsible for following up on the implementation of the approved programmes and activities, conducting periodic evaluation of the overall cooperation between both parties, and preparing the required reports to raise the levels of cooperation and coordination.
HE Saeed Rashid Al Yateem, Assistant Undersecretary of Resources and Budget Sector at MoF, stressed the importance of building strategic partnerships with federal entities and the banking sector in order to establish a fiscal and regulatory environment supportive of innovation. EDB is committed to its role in activating the Fund and achieving a diversified and innovative national economy.
HE Al Yateem also said: “The Ministry of Finance is currently working on the pilot phase, leading to the official launch by the end of this year. A number of innovators and entrepreneurs will participate with their exceptional innovative ideas related to the seven sectors outlined in the national innovation strategy. The Fund works on providing high quality services”
HE added: “Following the Fund’s official launch, entrepreneurial innovators in UAE will be able to participate and submit their applications through the Fund’s adopted platform, in order to facilitate the funding process for the innovative ideas and projects.”
HE Rashid Mahboob Misbah stressed EDB’s commitment and support to achieving the Fund’s national and economic goals, and work alongside federal entities to contribute in building a diversified national economy which is based on innovation. HE then said: “The Fund will help to achieve a qualitative leap in fields of innovation within the UAE. Signing this agreement with the Ministry of Finance is considered as one of the main steps towards developing the Fund to provide financing and banking services for entrepreneurial innovators and promote sustainable growth.”
The launch of the ‘Sheikh Mohammed bin Rashid Al Maktoum Fund’ to Finance Innovation was announced during the ‘UAE Innovation Week’, last November. The fund is designed to provide financing solutions for innovators across various sectors within the UAE, and support them in transforming ideas and suggestions into innovation projects which will contribute to the country’s national innovation strategy and to achieving the UAE Vision 2021.